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Tango Mining Ltd
Symbol TGV
Shares Issued 194,356,179
Close 2017-04-27 C$ 0.05
Market Cap C$ 9,717,809
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Tango's Oena diamond production reaches 876 carats

2017-04-28 12:54 ET - News Release

Mr. Terry Tucker reports

TANGO MINING LIMITED: DIAMOND SALES FROM OENA DIAMOND MINE, SOUTH AFRICA

Tango Mining Ltd. has provided an update on recent diamond sales from the Oena diamond mine in South Africa. During the period from March 21 to April 17, 2017, a total of 312 carats (199 diamonds) were produced. A total of 250 carats were placed on tender in Johannesburg and sold with an average price of $1,155 (U.S.) per carat. It is planned for 62 carats to be exported to Dubai to be sold by ATC Enterprises DMCC (see news release dated May 19, 2015). Diamond production from Oena since acquisition now totals 876 carats, of which 804 carats have been sold at an average price of $1,290 (U.S.) per carat.

The top three highest value diamonds recovered during this period include: a 14.64-carat diamond which sold at $5,019 (U.S.) per carat, a 6.35-carat diamond which sold at $3,357 (U.S.) per carat and a 7.82-carat diamond which sold at $3,377 (U.S.) per carat.

About African Star Minerals (Pty.) Ltd.

African Star owns 100 per cent of the property, which consists of an 8,800-hectare converted mining right located on the lower Orange River, Northern Cape province, South Africa. Oena covers a 4.8-kilometre-wide strip along a 15-kilometre length of the Orange River in a well-established alluvial diamond mining province known to produce high-quality and large-sized diamonds (see news release dated Nov. 18, 2016, for information on the mining contractor).

About Tango Mining Ltd.

Tango, via its South African subsidiaries, holds three thermal coal, metallurgical and processing plants, and engineering contracts that process 6.5 million tonnes of coal per annum, with clientele that include Exxaro. The three projects are located within the Ogies and Highveld coal fields in Mpumalanga province and the Kliprivier coal field in KwaZulu-Natal province, South Africa. The company also holds an interest in the Oena diamond mine, an alluvial diamond property in Northern Cape province, South Africa.

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